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Argo Blockchain begins construction of Texas mining facility

The facility, which will be powered predominantly by renewable energy, is expected to be completed in the first half of 2022

Argo Blockchain PLC - Argo Blockchain begins construction of Texas mining facility

Argo Blockchain PLC (LON:ARB) said it has broken ground on its 200-megawatt (MW) Helios cryptocurrency mining facility located in Dickens County in Texas.

The company said the facility, which will be powered predominantly by renewable energy, is expected to “transform” its mining capacity, with completion planned in the first half of 2022.

READ: Argo Blockchain unveils two new team members

Argo added that construction of the site will add 20 new full-time jobs in Dickens Country and will give the firm access to up to 800MW of electrical power.

"Texas is a leader in renewable power generation in the United States with a flexible grid, producing some of the most competitive and most sustainable electricity rates in the nation, which is one of the many reasons why we look forward to partnering with the community in Dickens County to bring this important project to Texas”, Argo chief executive Peter Wall said in a statement.

“Breaking ground marks an exciting new chapter as we continue to gain greater control of our mining operations and strengthen our position as a global leader in sustainable blockchain infrastructure and mining, and we are eager to get up and running", he added.

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Price: 157 GBX

Market Cap: £599.48 m

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